construction in bangkok, in japan, in russia, in middle east. we're growing all around, in russia and in china. however, growth is not taking place in the u.s. and europe. and for major developments. >> we talked about back when greg was dealing with the financial crisis. we questioned whether luxury was going to be something to invest in. >> oh, absolutely unquestionably. >> nothing will change? >> the one thing we have to understand, though, luxury is changing. what you call luxury today, the traditional five-star hotels. they will be known as affordable luxury. and then there's ultra luxury that is developing clearly over the last ten years. >> and it's not just here that there's income disparity. >> everywhere. >> you see really rich people all around the world. >> it's not only rich people. our occupancy is 60%, 70% rich people and the others are up buyers who say i'm going to buy up. >> they're not all like greg fleming. >> he doesn't need to. he just bias it. >> you can just stay in it, christmas season or not. >> because of all the tensi